IT rises to highest close ever
Gartner Inc. (IT) Technical Analysis Report for Jul 12, 2019 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, IT ended the week 0.75% higher at 170.24 after gaining $0.74 (0.44%) today, slightly underperforming the S&P 500 (0.46%). Today's close at 170.24 marks the highest recorded closing price ever. Trading up to $1.29 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (IT as at Jul 12, 2019):
Friday's trading range has been $1.65 (0.97%), that's below the last trading month's daily average range of $2.20. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for IT.
Two candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and one bearish pattern, the Hanging Man. The last time a Hanging Man showed up on March 27th, IT actually gained 1.04% on the following trading day.
After trading down to 168.85 earlier during the day, the market bounced off the key technical support level at 168.97 (S1). The failure to close below the support could increase that levels significance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Gartner. Out of 432 times, IT closed higher 59.26% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 63.43% with an average market move of 1.32%.